Summary
President Donald Trump stopped trade talks with Canada, accusing an Ontario TV ad of misrepresenting former President Ronald Reagan's views on tariffs. Trump has imposed a 35% tariff on many Canadian imports, while goods under the US-Mexico-Canada Agreement remain mostly unaffected. Reagan also used tariffs during his presidency, including restrictions on Japanese cars and electronics, as negotiation tools in trade discussions.
Key Facts
- President Trump halted trade negotiations with Canada due to a dispute over a TV advertisement.
- A 35% tariff has been applied by Trump to many imports from Canada, except those covered by the US-Mexico-Canada Agreement.
- Reagan's administration used targeted tariffs on items like motorcycles and steel in the 1980s.
- Reagan imposed a 100% tariff on Japanese electronics in 1987.
- Reagan's policies included voluntary export limits on Japanese cars and quotas on sugar imports.
- The North American Free Trade Agreement (NAFTA) was influenced by frameworks initiated during Reagan's time.
- President Trump has replaced NAFTA with the United States-Mexico-Canada Agreement (USMCA).
- Tariffs have been a tool for negotiation, both for Reagan in the past and Trump in the current administration.
